Poor Delivery From Swift Haulage
Poor Delivery From Swift Haulage
Outlook. The second half of the year is usually stronger for the container haulage business due to the peak season. However, this year's performance was affected by the Red Sea crisis, which contributed to port congestion and disrupted the movement of goods. Meanwhile, an additional +30% more capacity or +387,000 sq ft will be added to Swift's own/lease & operate warehouse portfolio this year. MIDF said it anticipates further margin improvement as the overall warehouse utilisation rate is expected to increase to 80% this year (FY23: 74%). The house sees additional potential in the land transportation segment as warehouse utilisation rates improve, which could drive further growth through cross-selling opportunities
Swift Haulage Berhad (Swift) reported a core PATAMI of RM5.5m for 3QFY24, bringing the total for 9MFY24 to RM21.2m. This was below expectations, achieving only 60%/55% of MIDF's/consensus full-year forecast as the profit margin was unexpectedly lower.
Swift Haulage Berhad (Swift) 报告了2024财年第三季度的核心PATAMI为550万令吉，使2024财年前九个月的总额达到2120万令吉。这低于预期，仅实现MIDF/共识全年预测的60%/55%，因为利润率意外降低。
Quarterly. All segments drove the +8.9%yoy revenue growth in 3QFY24, with double-digit gains in higher-margin warehousing & depot and freight forwarding businesses. The PBT margin drop in the container haulage segment (-1.7ppts) was likely due to lower volumes stemming from port congestion. Core PATAMI more than doubled compared to 3QFY23, driven by an overall +1.7ppts improvement in margin.
季度分析。所有板块推动了2024财年第三季度营业收入同比增长8.9%，高利润率的仓储 & 堆场和货运代理业务实现了两位数的增长。集装箱运输板块的PBt利润率下降1.7个百分点，可能是由于港口拥堵导致的运输量下降。核心PATAMI相比于2023财年第三季度增加超过一倍，利润率总体提高了1.7个百分点。
Sequentially, the +5.9%qoq revenue increase was driven by growth across all segments. Land transportation was the only segment experiencing a drop in PBT margin (-0.5ppts), likely due to lower rates from the absence of festive periods. Core PATAMI declined -34.0%qoq, partly due to a higher effective tax rate in the reporting quarter.'
从环比来看，营业收入增长5.9%是由所有板块的增长推动的。陆运是唯一经历PBt利润率下降的板块，下降了0.5个百分点，可能是由于缺少节假日期间的低运费。核心PATAMI环比下降34.0%，部分原因是报告季度的有效税率较高。
Outlook. The second half of the year is usually stronger for the container haulage business due to the peak season. However, this year's performance was affected by the Red Sea crisis, which contributed to port congestion and disrupted the movement of goods. Meanwhile, an additional +30% more capacity or +387,000 sq ft will be added to Swift's own/lease & operate warehouse portfolio this year. MIDF said it anticipates further margin improvement as the overall warehouse utilisation rate is expected to increase to 80% this year (FY23: 74%). The house sees additional potential in the land transportation segment as warehouse utilisation rates improve, which could drive further growth through cross-selling opportunities
展望。下半年的集装箱运输业务通常更加强劲，因为这是旺季。然而，今年的表现受到红海危机的影响，导致了港口拥堵并扰乱了货物运输。同时，Swift自有/租赁和运营的仓库组合今年将增加30%的容量，或387,000平方英尺。MIDF表示预计随着仓库利用率的提高，整体仓库利用率今年将增加到80%（2023财年：74%），利润率有望进一步改善。该机构认为，随着仓库利用率的提高，陆运板块将有额外的潜力，这可能通过交叉销售机会推动进一步增长。
Maintain BUY for now. Earnings estimates are maintained for now, though there is a possibility of a downgrade as MIDF said it awaits the 9MFY24 operating statistics to be shared during the results briefing later today. The stock is trading at -0.5 SD below the sector's 5-year historical mean. A key downside risk is further pressure on profit margins from diseconomies of scale
维持买入评级。目前盈利预测保持不变，尽管MIDF表示在今天稍晚的业绩简报中等待分享2024财年前九个月的运营统计数据，因此有降级的可能性。该股目前交易于行业5年历史均值下方0.5个标准差的水平。一个主要的下行风险是由于规模不经济对利润率的进一步压力。
